The Importance of Having a Financial Plan

You need to find yourself a good estate attorney and they don't have to be exorbitant. As far as planning goes, I think get yourself a good financial planner. Make a change and put some money towards a premium for long-term care because you're not going to be able to self-fund that.

Transcript

chevron_right

Play full episode

chevron_right

Transcript

Episode notes

We recently did a Rich Girl Roundup on how to talk money with aging parents, and the response for a deep-dive was overwhelming. So, we rounded up the most common questions and brought back Kim Davis from the Bahnsen Group to walk us through everything we need to know for our parents' golden years.

We're pulling together a comprehensive checklist to walk through with your loved ones, and we'll share it in next week's newsletter. Subscribe now so you don't miss it: https://www.morningbrew.com/money-with-katie/subscribe.

Transcripts can be found at podcast.moneywithkatie.com

—

Mentioned in the Episode

Rich Girl Roundup: How to Talk Money with Aging Parents: https://podcast.moneywithkatie.com/rich-girl-roundup-how-to-talk-money-with-aging-parents/
Kim Davis on The Money with Katie Show on Prenups: https://podcast.moneywithkatie.com/to-prenup-or-not-to-prenup-with-the-fiscal-feminist-kim-davis/
Hybrid Long-Term Care Insurance Policies: https://www.brighthousefinancial.com/education/healthcare-planning-for-retirement/what-is-hybrid-long-term-care-insurance/
Inflation Riders on Long-Term Care Insurance: https://www.insure.com/long-termcare/inflation-riders.html
Buying Long-Term Care Insurance in Someone Else's Name: https://www.annuityexpertadvice.com/long-term-care-insurance-for-parents/
What's Not Covered by Medicare: https://www.medicare.gov/what-medicare-covers/whats-not-covered-by-part-a-part-b
How to Qualify for Medicaid: https://www.nolo.com/legal-encyclopedia/when-will-medicaid-pay-nursing-home-assisted-living.html
Will vs. Trust: https://www.investopedia.com/articles/personal-finance/051315/will-vs-trust-difference-between-two.asp
Guardianship of Younger Children: https://sapientlawgroup.com/estate-planning-attorney-pasadena/designation-of-guardian/
CCRCs & Senior Living: https://www.continuingcarecommunities.org/assisted-living/california/